During Prime Minister Narendra Modi’s visit to France, the primary focus may be on defence collaboration, but the two countries are poised to take significant strides in cooperation across various sectors. Apart from defence, areas such as the digital economy, manufacturing, and clean energy are set to witness major developments, including progress regarding the 9900 MW Jaitapur nuclear plant in Maharashtra. A significant milestone in this renewed partnership is the revival of the India-France CEOs Forum, which is scheduled to meet on July 14 at the Quai d’Orsay, the Ministry of Foreign Affairs’ office. The forum will bring together 10-12 corporate leaders from both sides to discuss and strengthen economic ties.
Co-chaired by Hari Bhartia, the co-chairman of the Jubilant Bhartia Group, on the Indian side, and headed by Paul Hermelin, Chairman of Information Technology firm Capgemini SE, on the French side, the forum aims to facilitate collaboration and pave the way for increased bilateral trade. Capgemini, which employs around 200,000 people in India, is also set to establish a 6G laboratory in Pune, demonstrating their commitment to technological advancements and innovation in the country. The French government has appointed Paul Hermelin as the point person for business and trade with India, underlining the importance of the bilateral relationship.
Bilateral trade between India and France has witnessed a significant boost, with the figures doubling from 2014 to reach 14 billion Euros, with the trade balance in favor of India. This positive trend is expected to continue as the two nations explore opportunities in diverse sectors and strengthen their economic partnership. One noteworthy development during Prime Minister Modi’s visit is the potential launch of the digital payment technology Unified Payments Interface (UPI) in France. After signing an agreement with Singapore’s PayNow in 2023, enabling cross-border transactions, UPI is now seeking a similar agreement with France.
NPCI, the company behind UPI, and France’s Lyra have been working on this collaboration for a year. If successful, France will become the first European country to adopt UPI, with Prime Minister Modi expected to inaugurate the linkage from an iconic location in Paris. Furthermore, France is ready to collaborate with India in the field of EXAScale computing. Having been India’s supercomputing partner in the past and shared technology, France seeks to deepen this collaboration and explore new possibilities.
As Prime Minister Modi’s visit unfolds, the focus on defense cooperation remains significant, but the burgeoning partnership between India and France in areas such as the digital economy, manufacturing, and clean energy signifies a broader and more comprehensive collaboration between the two nations. These initiatives are set to bolster trade, foster innovation, and strengthen the ties that bind India and France in their shared pursuit of progress and prosperity.